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    Stock Market Highlights: Sensex closes 400 points higher, Nifty ends near 17,800 after RBI keeps repo rate unchanged

    This article is more than 4 month old.

    Stock Market Highlights: Sensex closes 400 points higher, Nifty ends near 17,800 after RBI keeps repo rate unchanged

    Stock Market Highlights: Sensex closes 400 points higher, Nifty ends near 17,800 after RBI keeps repo rate unchanged
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    • Markets at Close

      - Grasim Industries, ITC, SBI Life Insurance, JSW Steel and M&M were among the top Nifty gainers

      - Cipla, NTPC, Tech Mahindra, Maruti Suzuki and Sun Pharma were the top losers

      - All the sectoral indices ended in the green with FMCG, metal, power, oil & gas indices up 1-2 percent

      - BSE midcap and smallcap indices rose nearly 1 percent each. India VIX eased below 6 percent

      - Over 1,400 stocks advanced while 645 declined

      - Reserve Bank of India's (RBI) six-member monetary policy committee (MPC) on Friday voted unanimously to keep the policy repo rate unchanged at 4 per cent

      - Rupee surged 13 paise to end at 75.90 (provisional) against USD amid RBI maintaining status quo

      - Ruchi Soya closes 14 percent higher post listing of FPO shares

    • Market Watch | Buy Dabur, Whirlpool, Zydus: Hemen Kapadia of KRChoksey Securities

      - Zydus Lifesciences is a buy with a stop loss of Rs 360 and target of Rs 390

      - Whirlpool is a buy with a stop loss of Rs 1,600 and target of Rs 1,800

      - Dabur is a buy with a stop loss of Rs 540 and target of Rs 585

    • Market Watch | For ITC, let the market decide the valuation: Raunak Onkar of PPFAS Mutual Fund

      On the business front, they have been doing the right things in terms of allocating less capital to cash dazzling areas, making sure that the consumer business and consumer franchise keeps expanding, adding more brands wherever they strategically see a fit with their existing portfolio. At the same time, the cash flows that keep coming in from the tobacco business do support some of these capital allocation choices. Even they have committed to increase dividend over a period of time. So the payout ratio has been quite decent in the last year, a couple of years. Some of these things have been already in the news. The only issue with ITC is it is best not to celebrate too soon, let us see how the business performs over a period of time and let the market decide what the valuation should be. So people have seen ITC staying where it is for a very long time. So although it's a great thing to see a stock moving up and down, but we should not celebrate too early, I would say.

    • Closing Bell: Benchmark indices snap 3-day losing run to end higher on Friday

      The S&P BSE Sensex ended at 59,447, up 412 points against Thursday's close. The NSE Nifty, too, advanced 145 points to settle at 17,784 in a broad-based rally. Both the indices had hit intra-day highs of 59,654 and 17,843, respectively.

    • Gold futures slip Rs 110 to Rs 51,787 per 10 gm

      Gold futures on Friday fell by Rs 110 to Rs 51,787 per 10 grams as participants cut down their bets amid a weak global trend. On the Multi Commodity Exchange, gold contracts for June delivery declined by Rs 110 or 0.21 per cent to Rs 51,787 per 10 grams in a business turnover of 18,013 lots.

      Analysts attributed the fall in prices to trimming of positions by investors, tracking a weak trend in the overseas market. Globally, gold was trading 0.08 per cent lower at USD 1,936.30 per ounce in New York.

    • Copper futures rise on spot demand

      Copper prices on Friday rose by 0.73 per cent to Rs 822.95 per kg in the futures market on the back of a pick-up in spot demand. On the Multi Commodity Exchange, copper contracts for delivery in April traded higher by Rs 5.95 or 0.73 per cent to Rs 822.95 per kg in a business turnover of 3,622 lots.

      Analysts attributed the rise in copper prices to the raising of bets by participants driven by a pick-up in spot demand.

    • Require 75% shareholders to vote in favour of merger for resolution to pass: Deepak Parekh

      Require 75% of shareholders to vote in favour of the merger for the resolution to pass. Don't think the merger will be a drag on anything for more than 12 months, says Deepak Parekh.

    • It would be major overhang if RBI asks us to reduce the stake below 30% in insurance arm immediately. It’s possible to demerge insurance cos after merger if we are asked to do that, says Deepak Parekh of HDFC

    • Morgan Stanley on Macrotech Developers

      Morgan Stanley has kept an equal-weight rating on Macrotech Developers with a target at Rs 1,298 per share. The company achieved its FY22 pre-sales & de-leveraging targets. The guidance, price action & delivery on new project acquisition guidance ate the key catalysts. Macrotech Developers was quoting at Rs 1,167.80, up 0.28 percent on the BSE.

    • Net MF equity inflow up 43.8% MoM at Rs 28,252 crore in March; first outflow for hybrid funds in 14 months

      Mutual funds saw a net equity inflow of Rs 28,252.4 crore in March, according to data from the Association of Mutual Funds in India (AMFI) released on Friday. That was up 43.8 percent compared with the previous month. Exchange-traded funds (ETFs) saw an inflow of Rs 6,906.5 crore last month, a decline of 36 percent sequentially.

      Hybrid and liquid funds saw outflows in March, according to the data. Investors took out Rs 3,604 crore from hybrid funds in March -- the first outflow since December 2020, as against an inflow of Rs 3,177 crore in February.

    • Bharat Dynamics zooms 29% in two days on heavy volumes; stock hits new high

      The market price of BDL has surged 35 per cent in six trading days after exchanging MoU with UAE firm to explore new business opportunities.

    • Choice International share starts trading on NSE

      Choice International announced listing of its stock on National Stock Exchange of India (NSE). Currently, Choice is listed on Bombay Stock Exchange (BSE) since January 15, 1996. The company has received approval for direct listing of its equity shares on NSE from the trading hours on April 8, 2022.

    • Indoco Remedies gets USFDA nod for Lacosamide Injection

      Indoco Remedies was up 1.63 percent after the company announced that the United States Food & Drug Administration (USFDA) has approved the ANDA Lacosamide Injection USP, 200 mg/20 mL (10 mg/mL) single-dose vials. The generic Lacosamide Injection USP of lndoco Remedies is bioequivalent and therapeutically equivalent to the reference listed drug (RLD), Vimpat Injection of UCB, Inc.

    • Ujjivan SFB reports highest ever disbursement; collection at 100% in Q4FY22

      Ujjivan SFB reports continued business traction in Q4FY22. The Bank witnessed highest ever quarterly disbursement in Q4FY22, 14 percent YoY rise to Rs 4,870 crore, PAR at 9.6 percent down from 14.9 percent; GNPA reduced to 7.1 percent from 9.8 percent as at December 31, 2021. 

    • Adani Green surges 9%, hits new high ahead of board meet for fundraising

      Shares of Adani Green Energy hit a new all-time high at Rs 2,350, rallying 9 percent on the BSE in Friday’s intra-day trade in an otherwise subdued market ahead of the board meeting today for considering a fundraising proposal.

    • JSW Steel combined crude steel output grows 37%; shares gain over 3%

      JSW Steel on Friday posted a combined crude steel production of 5.98 million tonne (MT) for the quarter ended March 31, 2022. At 5.98 MT, the production was 37 per cent higher compared to 4.36 MT steel the company had produced in the year-ago period, JSW Steel said in a statement. At 12:50 am, shares of JSW Steel were trading 3.30 percent higher at Rs 752.20.

    • Market Watch | Buy Dr Reddy’s Lab, SBI Life: Jay Thakkar of Marwadi Shares & Finance

      - Buy Dr Reddy’s Laboratories (DRL) with a stop loss of Rs 4,300 and a target of Rs 4,600 and Rs 4,720

      - Buy SBI Life with a stop loss of Rs 1,105 and a target of Rs 1,170-1,190

    • Angel One ends FY’22 with 9.21 million clients

      Angel One has registered tremendous growth throughout FY’22 to expand its client base to 9.21 million, marking a 123.7 percent YoY growth. It added 0.48 million clients in March 2022 and more than doubled its gross client acquisition in FY’22 to 5.29 million, a 123.7 percent YoY growth. The tech-based efforts and technological advancement at the company have led to 73.55 million orders in March 2022, a 76.3 percent YoY increase.

    • Markets at noon | Indices trade higher amid volatility

      Benchmark indices were trading higher amid volatility in the afternoon session. The Sensex was up 140.96 points or 0.24 percent at 59175.91, and the Nifty was up 60.20 points or 0.34 percent at 17,699.70.  About 2124 shares have advanced, 951 shares declined, and 117 shares are unchanged.

    • Cholamandalam Investment Jan-Mar disbursements up 58% at Rs 12,720 crore

      Cholamandalam Investment and Finance Company's disbursements for Q4 FY22 stood approximately at Rs 12,718 crore as against Rs 8,071 crore in Q4 of FY21 which is a growth of 58 percent and for FY22 stood approximately at Rs 35,489 crore as against Rs 26043 crore which is a growth of 36 percent.

    • Sterling and Wilson Renewable Energy gains 2%; co narrows down March quarter losses

      Sterling and Wilson Renewable Energy was up 2 per cent on the BSE. The company has significantly narrowed down its quarterly loss to Rs 157.81 crore for the March quarter vs a loss of Rs 467.06 crore in the same quarter a year ago.

    • Most interest-rate-sensitive stocks in green

      Most stocks falling under the interest-rate-sensitive umbrella held on to green territory on Friday after RBI Governor Shaktikanta Das-led MPC held the repo rate -- the interest rate at which the central bank lends short-term funds to commercial banks -- unchanged at four percent. SBI, Axis Bank, ICICI Bank, PNB, SBI Life, Muthoot Finance, and Cholamandalam Investment were among the top gainers in the financial services space, rising between 0.2 percent and 6.6 percent an hour into RBI announcements.

    • Indian rupee opens flat at 75.97 against dollar

      Indian rupee opened flat at 75.97 per dollar on Friday against previous close of 75.96. The rupee is expected to depreciate today amid a firm dollar and pessimistic global market sentiments. Further, investors will remain vigilant ahead of RBI’s monetary policy, where the central bank is likely to maintain status quo, said ICICI Direct.

    • Government 10-year bond yield hit 7%

      The government 10-year bond yield hit 7 percent, first time since June 2019, after the Reserve Bank of India raised its annual inflation forecast. The bond yield hit a high of 7.007 percent - a level last seen on 13 June 2019 - up 9 basis points from its previous close of 6.913 percent. Bond yields and prices move in opposite directions.

    • Bandhan Bank rallies 4.5% after HDFC sells 3.1% equity via block deal on BSE

      hares of Bandhan Bank opened 1 percent lower on Friday after the company recorded a series of block deals with around 5.1 crore shares or 3.1 percent stake in the bank changing hands in bunched trades. However, the stock gained as much as 4.5 percent, erasing all opening losses.

      At 10 am, shares of Bandhan Bank were trading 3.61 percent higher at Rs 326.95 on the BSE. According to sources, HDFC Ltd likely sold around 50 million shares via bulk deal. 

    • Buzzing stock | Sobha jumps 5% but erases initial gains soon after

      Shares of Sobha rose as much as 5 percent on Friday on the back of an encouraging business update. However, the stock failed to hold on to initial gains. At 9:56 am, the stock was trading 0.2 percent higher at Rs 714.15 on BSE. During FY22, the company achieved the best-ever sales volume and sale value despite operational hurdles at the start of the quarter due to the Omicron wave. (Read more here)

    • 10-year bond yield hits 7 percent as RBI hikes reverse repo rate by 40 bps to 3.75 percent

    • RBI April Monetary Policy: Central bank leaves repo rate unchanged; continues with 'accommodative' stance

      The Reserve Bank of India's (RBI) Monetary Policy Committee (MPC) has decided to keep the repo rate unchanged in its first bi-monthly policy meeting of FY23, Governor Shaktikanta Das said on Friday. This is the 11th time in a row that the central bank has maintained a status quo on the key policy rate.

    • As Street awaits RBI policy announcements, how rate-sensitive stocks fare

      A majority of interest-rate-sensitive stocks rose on Friday as Dalal Street participants awaited the outcome of RBI Governor Shaktikanta Das-led Monetary Policy Committee's first bi-monthly deliberations of FY23. SBI, PNB, Kotak Mahindra Bank, Cholamandalam, SBI Life, TVS Motor, Tata Motors and Maruti Suzuki were among the top gainers in early deals, and trading with gains of between 0.2 percent and 6.5 percent. Real estate and consumer durable names such as Prestige, Suntech, Sobha, Titan, Dixon and Whirlpool also held above the flatline.

      Here's how the rate-sensitive stocks fared ahead of the RBI announcements:

    Stock Market Highlights:
    Indian equity benchmark indices opened on a positive note on Friday with the Nifty above 17,700. The Reserve Bank of India (RBI)  kept the key repo rate unchanged at 4 percent, maintaining the status quo and maintaining its 'accommodative stance'. The apex bank today raised inflation projections for FY23 to 5.7 per cent from 4.5 per cent, while downgrading real GDP estimates to 7.2 per cent vs 7.8 per cent earlier, given the persistent elevated prices of oil and other commodities. The broader markets were trading in green and rose higher than the frontline indices. The BSE MidCap and SmallCap indices rose up to 0.64 percent higher. All the sectoral indices ended in the green with FMCG, metal, power, oil & gas indices up 1-2 percent. BSE midcap and smallcap indices rose nearly 1 percent each.

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